Furfural Market Size, Share & Trends Report

Furfural Market Size, Share & Trends Analysis Report By Process (Quaker Batch Process), By Raw Material (Corn Cob), By Application (Furfuryl Alcohol), By End-use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-301-0
  • Number of Report Pages: 125
  • Format: PDF, Horizon Databook

Research Methodology

A three-pronged approach was followed for deducing the furfural market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for furfural market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of furfural market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Furfural Market Categorization:

The furfural market was categorized into five segments, namely process (Quaker Batch Process, Chinese Batch Process, Rosenlew Continuous Process), raw material (Corn cob, Sugarcane Bagasse, Sunflower Hull, Rice Husk), application(Furfuryl Alcohol, Solvent, Intermediate), end-use (Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverage, Refineries), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The furfural market was segmented into process, raw material, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The furfural market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, the U.S.; Canada; Mexico; the UK.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; and Turkey.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Furfural market companies & financials:

The furfural market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • ILLOVO SUGAR AFRICA (PTY) LTD - ILLOVO SUGAR AFRICA (PTY) LTD is a prominent sugar manufacturer in Africa and operates through its several manufacturing and agricultural facilities in six African countries. The company is a wholly owned subsidiary of Associated British Foods plc, which operates in over 48 countries across the globe. The company manufactures different grades of sugar for the African region and exports its products to the European and North American economies. The company’s product portfolio comprises molasses, sugar, sugar cane-fiber, ethanol, BioMass Sugar, diacetyl, 2,3-Pentanedione, lactose, furfural and furfuryl alcohol, and agricultural nematicides. Furfural and its derivatives are manufactured on the south coast of KwaZulu-Natal at the Sezela mill complex.

  • Linzi Organic Chemical Inc. Ltd. - Linzi Organic Chemical Inc. Ltd. is a prominent manufacturer and distributor of organic chemicals. The company’s product portfolio comprises furfural, furfuryl alcohol, levulinic acid, and 2-methyl furan. The company is an ISO 9002 certified producer in Asia Pacific. It is a prominent manufacturer of furfuryl alcohol with a production capacity of 15,000 MT per annum and supplies its products mainly to Europe, the Middle East, and the Asia Pacific.

  • TransFurans Chemicals bvba - TransFurans Chemicals bvba is engaged in the production of basic chemicals using renewable raw materials. The company serves its products to several end-use applications, including fire-resistant composites, building & construction, biocomposites, green technology products, industrial resins, and biomassbased chemical intermediates. Furfural is manufactured by using the hemicellulosic part of agricultural wastes, with biomass being the sole raw material, which is procured from Central Romana Corporation. Furfural is converted to Furfuryl alcohol, which is further polymerized to polyfurfuryl alcohol (Poly-FA or PFA). Poly-FA forms the base material to manufacture thermoset resin systems including BioRez and Furolite. Refractory and foundry industries, where these furan chemicals are used as the base material in thermoset resins for necessitating high-temperature applications, are the key markets for the product manufactured in the company. The company has given its distribution rights to International Furan Chemicals B.V., a marketing organization in the field of furfuryl alcohol and furfural across the globe. The company has an annual production capacity of 40,000 MT/annum of furfuryl alcohol & derivatives.

  • Central Romana Corporation - Central Romana Corporation is a prominent manufacturer of furfural. Apart from furfural, the company is engaged in sugar production and livestock farming. Considering the development of the tourism sector in the region, the company decided to contribute to the industry by livestock farming and meat production. It operates through three subsidiaries, of which the Agrocarne company produces and exports quality meat products to the U.S., Mexico, Russia, and Puerto Rico. The other subsidiaries, Hierro Dominicano and PROMACO, are engaged in the manufacturing of iron equipment and parts and a broad range of products for construction purposes. The company delivers furfural products to its Belgian plant for the formulation of furfuryl alcohol. The company has given its distribution rights to International Furan Chemicals B.V., a marketing organization in the field of furfuryl alcohol and furfural across the globe. The company has an annual production capacity of 35,000 MT/annum of furfural.

  • DalinYebo - DalinYebo is engaged in the production and distribution of furfural, its derivatives, and energy. It is a prominent producer of furfural derivatives, including tetrahydrofurfuryl alcohol, furfuryl alcohol, Furfuryl amine, furoic acid, furan, and methyl furan. The company manufactures furfural under the brand name “Ecoral”. The company’s business ranges from the conversion of bio-carbon to energy and commercial chemicals. The company also delivers conversion technology solutions to chemical manufacturers.

  • Hebeichem - Hebeichem is a prominent producer of furfural and its derivatives in China. The company’s product portfolio comprises furan resin, furfuryl alcohol, and furfural. The company operates through its manufacturing units in Xingtai, Beijing, and Tianjin. The company has been accredited with a credit ranking of AAA by financial institutions and is ISO 9002 certified. The company also possesses an export license and distributes its products to several economies across the globe. The company has an annual production capacity of 30,000 MTS/annum of furfural, 25,000 MTS/annum of furfuryl alcohol, and 5,000 MTS/annum of furan resin.

  • KRBL Ltd. - KRBL Ltd. is a prominent manufacturer and distributor of basmati rice under the brand name “India Gate”. The company’s product portfolio comprises of edible oil, fuel additives, power, and cattle feed. The fuel additives product range is responsible for providing the raw material for manufacturing furfural and its related byproducts. The company operates through its strong distribution network across several regions, including Asia, the Middle East & Africa, Europe, and North America (the U.S. and Canada). The company possesses several quality certifications, including ISO 9001: 2000, BRC Food, and SQF 2000, and is also registered under SGS HACCP and USFDA. The company has an annual production capacity of 87,000 MTS/annum of furfural.

  • Silvateam S.p.a. - Silvateam S.p.a. is engaged in the manufacturing, commercialization, and distribution of tannins, plantbased extracts, and their derivatives. The company manufactures products for several end-use applications such as oil drilling, chemicals, mining, and textiles, among others. The company’s product portfolio comprises animal nutrition, food ingredients, leather tanning solutions, agriculture, industrial processing, mining, natural resins, and renewable energy, among others. The industrial processing segment is responsible for the production of furfural and furfuryl alcohol. The company produces furfural and furfuryl alcohol at its manufacturing plants in Argentina and the products have a purity level of 98.5%.

  • LENZING AG - LENZING AG is engaged in the production of non-fiber bio-refinery and co-products. The company offers product and technology solutions to several end-use applications, including agriculture, protective wear, workwear, packaging, engineered products, footwear, and automotive, among others. The bio-refinery products portfolio comprises a range of several biobased products, including acetic acid, furfural, magnesiumlignosulphonate, soda ash, sodium sulfate, and xylose. The company markets its biobased products under the brand names - Tencel, EcoVero, Veocel, and LENZING. LENZING Furfural manufactured by the company has received United States Department of Agriculture (USDA) BioPreferred accreditation, thus depicting that the product is 100% produced from biobased raw materials.

  • Behran Oil Co. - Behran Oil Co. is a prominent lubricant manufacturer in Iran in the field of industrial and automotive lubricants. The company’s base oil production at present accounts for over 2,20,000 MT/annum. The company is also engaged in the production of approximately 900 different products, including industrial oils, automotive oils, petroleum waxes, greases, engine coolants, process oils, and furfural solvent, among others. The company manufactures furfural in the Shushtar city of West Asia and exports furfural solvents to the international markets of Europe, Asia Pacific, and Africa. The company operates in over 40 countries across the globe with Italy and Pakistan being key importers. The company possesses several certifications to meet several protections of the environment, product quality, and production standards in accordance with the highest international and national standards. The company is IQ NET, ISO 9001 IMQ, ISO 9001 SGS, ISO 14001, ISO 14001, ISO 14001, ISO IEC 17025, ISO TS 16949, OHSAS 18001, OHSAS 18001, and OHSAS 18001 certified.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Furfural Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Furfural Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Central & South America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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